logging in or signing up customer retention strategy aSGuest15906 Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 4031 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: March 31, 2009 This Presentation is Public Favorites: 1 Presentation Description No description available. Comments Posting comment... By: Kevimark (7 month(s) ago) Hi Would you mind sending me this presentation. Thanks Kevin Markham kevinmark@absa.co.za Saving..... Post Reply Close Saving..... Edit Comment Close By: ramakanthreddy (26 month(s) ago) very nice ppt Saving..... Post Reply Close Saving..... Edit Comment Close Premium member Presentation Transcript Customer Retention strategiesHow to Keep the Clients Happy, Reference able and Buying More………… : Customer Retention strategiesHow to Keep the Clients Happy, Reference able and Buying More………… Why retention is important : Why retention is important Long term loyal customers buy more per year buy higher priced options buy more often are less price sensitive are less costly to serve are more loyal have a higher lifetime value Likely disloyal customers : Likely disloyal customers Transient individuals Young people rather than older people Single people rather than married people Renters rather than home owners People who respond to low-bll discount offers People who respond to temporary sales What is a loyalty program : What is a loyalty program A system whereby a customer has specifically signed up for a program He may receive a plastic card with his name on it The card is used whenever he shops in a retail shop, on phone or on web The card should provide some extra benefit to him which he would not get without it It provides useful information about the customer that we can use to understand the customer and build his loyalty. Basic retention strategy rule:-Put yourself in customer shoes -The customer retention process begins with the first contact…before they are even a customer : Basic retention strategy rule:-Put yourself in customer shoes -The customer retention process begins with the first contact…before they are even a customer Cross sales build retention : Cross sales build retention Customers who have more than one product have a higher retention rate Two reasons for second product -profit from the new product -retain customers for the existing one Offer some discount on the first product if second is purchased Customer retention stages : Customer retention stages A complete customer retention plan : A complete customer retention plan Why customer retention is important Methods of retention -Recruit right ones to start with -Communicate with them and reward them -Sell them a second product Evaluation of retention programs -Tests and controls -Return on investment What to measure : What to measure Attention and retention of groups Migration upward and downward Incremental sales per program and per season Frequency of purchases Money spent per trip and per season Number of departments shopped Number of items purchased Share of customer’s wallet Establish clear expectations and communicate them regularly and often : Establish clear expectations and communicate them regularly and often Reinforce the buying decision every chance you get Stay in touch – No Hit and Run Selling! Be Aware of “Buyer’s Remorse” If something is broken…fix it! Be willing to face the truth. : If something is broken…fix it! Be willing to face the truth. It is never too late…it just seems like it is Small steps can and do make a difference Don’t go it alone; use all the resources Must take action! : Must take action! Look at your existing customersStep 1: Assess the “health” of the situation.Step 2: Determine what you need to do differently.Step 3: Create a strategy to contact the prospect and revisit the area out of focus. Execute Thank You : Thank You BY Anand Kumar Tiwari MBA(IV Sem) You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
customer retention strategy aSGuest15906 Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 4031 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: March 31, 2009 This Presentation is Public Favorites: 1 Presentation Description No description available. Comments Posting comment... By: Kevimark (7 month(s) ago) Hi Would you mind sending me this presentation. Thanks Kevin Markham kevinmark@absa.co.za Saving..... Post Reply Close Saving..... Edit Comment Close By: ramakanthreddy (26 month(s) ago) very nice ppt Saving..... Post Reply Close Saving..... Edit Comment Close Premium member Presentation Transcript Customer Retention strategiesHow to Keep the Clients Happy, Reference able and Buying More………… : Customer Retention strategiesHow to Keep the Clients Happy, Reference able and Buying More………… Why retention is important : Why retention is important Long term loyal customers buy more per year buy higher priced options buy more often are less price sensitive are less costly to serve are more loyal have a higher lifetime value Likely disloyal customers : Likely disloyal customers Transient individuals Young people rather than older people Single people rather than married people Renters rather than home owners People who respond to low-bll discount offers People who respond to temporary sales What is a loyalty program : What is a loyalty program A system whereby a customer has specifically signed up for a program He may receive a plastic card with his name on it The card is used whenever he shops in a retail shop, on phone or on web The card should provide some extra benefit to him which he would not get without it It provides useful information about the customer that we can use to understand the customer and build his loyalty. Basic retention strategy rule:-Put yourself in customer shoes -The customer retention process begins with the first contact…before they are even a customer : Basic retention strategy rule:-Put yourself in customer shoes -The customer retention process begins with the first contact…before they are even a customer Cross sales build retention : Cross sales build retention Customers who have more than one product have a higher retention rate Two reasons for second product -profit from the new product -retain customers for the existing one Offer some discount on the first product if second is purchased Customer retention stages : Customer retention stages A complete customer retention plan : A complete customer retention plan Why customer retention is important Methods of retention -Recruit right ones to start with -Communicate with them and reward them -Sell them a second product Evaluation of retention programs -Tests and controls -Return on investment What to measure : What to measure Attention and retention of groups Migration upward and downward Incremental sales per program and per season Frequency of purchases Money spent per trip and per season Number of departments shopped Number of items purchased Share of customer’s wallet Establish clear expectations and communicate them regularly and often : Establish clear expectations and communicate them regularly and often Reinforce the buying decision every chance you get Stay in touch – No Hit and Run Selling! Be Aware of “Buyer’s Remorse” If something is broken…fix it! Be willing to face the truth. : If something is broken…fix it! Be willing to face the truth. It is never too late…it just seems like it is Small steps can and do make a difference Don’t go it alone; use all the resources Must take action! : Must take action! Look at your existing customersStep 1: Assess the “health” of the situation.Step 2: Determine what you need to do differently.Step 3: Create a strategy to contact the prospect and revisit the area out of focus. Execute Thank You : Thank You BY Anand Kumar Tiwari MBA(IV Sem)